Free cash flow was $65.6 million, and the company repurchased 2.9 million shares for $38 million during the quarter.
Gross Services Volume (GSV) was $1 billion, stronger than expected, with average GSV per active client rising 5% year-over-year to over $5,000.
Marketplace take rate increased to 18.5% from 18.0% in Q2 2024, supported by value-based pricing experiments and growth in Connects and Freelancer Plus revenues.
Net income reached $32.7 million, a 47% increase year-over-year, and adjusted EBITDA was $57.1 million with a 29.3% margin, both records for any Q2.
Non-GAAP gross margin was 77.8%, and operating expenses were 51% of revenue, down from 58% in Q2 2024, reflecting disciplined cost management and AI-driven efficiencies.
Upwork reported record Q2 2025 revenue of $194.9 million, driven by AI enhancements, accelerated client hiring in AI-related work, ads, monetization strategies, and Business Plus growth.
Adjusted EBITDA grew 40% to $35.3 million, a 20% margin, and trailing 12-month unlevered free cash flow surpassed $100 million, growing 24% to $102.9 million.
Cash increased to $482 million from $222 million in Q1, driven by a $400 million term loan facility and partially offset by acquisition payments.
Jamf reported strong Q2 2025 financial results with 15% year-over-year revenue growth to $176.5 million, exceeding the high end of guidance by $7 million.
Non-GAAP operating income was $33.5 million, representing a 19% margin, a 360 basis point improvement over Q2 2024.
Total ARR grew 14% year-over-year to $710 million, including $203 million in Security ARR, a 40% increase driven by Identity Automation and platform solutions.
Dafinchi